Dutchess County NY First Time Buyers Take A Look At FHA Loans
Now is truly a good time to buy, that is, if you can get a loan. This is the reason why I want to address FHA loans as a vehicle to home ownership for First Time Buyers. The recent trend is that many are turning to FHA loans.
What is FHA? This is the Federal Housing Administration. The FHA loan should be important to you because it is easier to get. Why? Because the Federal Housing Administration insures the loan therefore lenders will be more inclined to lend to you with less requirements than for a conventional mortgage. You will also want to keep in mind that you will still need to shop around because each lender imposes its own minimum standards.
Things you should know about an FHA Loan
- A minimum of 3.5 percent down payment is required.
- The money can come from family members, a co-borrower, or can be borrowed or gifted.
- You can get loan even with less than perfect credit.
- If you had a bankruptcy it must have been discharged 2 years prior.
- No credit history - FHA will allow manual approach of qualifying as long as good information is available.
- Delinquency on Student Loan will automatically disqualify you.
- The type of properties that can be purchased are:
- 1- 4 units
- Condos (but not Co-Ops)
- Manufactured homes
*The key is the property has to be owner occupied.
- FHA loans can be processed as quickly as conventional loans and just require one additional form.
- This is the new improved FHA loan therefore less repairs are required following inspection.
As your Realtor one of my services is to help you locate a mortgage professional who can walk you through the mortgage, since that is their area of expertise. HUD also provides a list of FHA participating lenders. It will also be important to find out the FHA limits in your county. Here is the FHA limit for Dutchess County:
One Family $356,500
So, now that you see that homeownership is still possible, let me use my expertise to help you find that first home.
Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- firstname.lastname@example.org
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